"payment due" reminder on calendar

© Karen Roach - AdobeStock

Housing Providers Struggle as Renters Miss Payments

February 24, 2021

Renters are struggling to make payments since the pandemic, but those missed payments are having a serious impact on housing providers, particularly smaller mom-and-pop property owners. Owners still need to pay their mortgages, and tenants’ missed payments are adding up.

About $11 billion is needed monthly to assist the nation’s renters and housing providers, the National Association of REALTORS® estimates at its blog, Economists’ Outlook. “Renters continue to need assistance with 14.5% of renter households reporting they have ‘no’ confidence they can pay next month’s rent or will have rent deferred,” writes Gay Cororaton, senior economist for NAR. Another 16.2% have “little” confidence they can pay rent, Cororaton adds.

Over a six-month period, the cost could jump to about $67 billion needed, NAR says.

About 4.2 million renters are not caught up on rent, accounting for about 53% of the 8 million renter households, NAR says.

Renter households behind on rent

©National Association of REALTORS®